After hitting fresh 52 week lows earlier this week, it looks like shares of e-signature company DocuSign are set to end the week with a bang. If this is where they open, they will surpass a month's worth of candles in a single day. They have a long way to go before we can say this is a trend reversal, but it is a good start. After the bell rang to end Thursday's session, the company's Q2 earnings were released. Both earnings and revenue were better than expected, with the latter showing year-on-year growth of 21%. If not straight out higher, management's guidance was at the upper end of the spectrum. The bullish report was reinforced by comments from the company's Interim CEO. She told investors that the company had a strong finish to the first half of the year. The results show the dedication and focus of our team during the transition period, with a stronger foundation in place to deliver in the second half of the year. We enter this next phase with a clear set of vital deliverables for our people initiatives and product plan. There is a $50 billion market opportunity, a strong market position, and an experienced leadership team. I am confident that our team will deliver for everyone.
MarketBeat.com - MarketBeat Will this week's low be seen as the bottom of the selloff? It is possible that this upward trend will gather steam through the rest of the year. It will be a funny turn of events, since a few weeks ago it was being trimmed by analysts. While there is a "long path" to a turnaround, the company has a number of issues that need to be fixed, as evidenced by the analyst's lowered price target. He might revisit his old rating next week after seeing the new numbers. Last month, Tiger Global Management threw in the towel on its position on Docusign.
These guys are going to be embarrassed by the shares but that could quickly turn to regret. If they can hold onto Friday's pre-market gains into the week, they stand a good chance of continuing the upward trend next week.
The risk is that the results were a flash in the pan and that the trend of poor report after poor report would continue. The worst case scenario is baked into the stock price. There is an argument to be made that we are at that point now, after losing close to 90% of their value in the last year. Yesterday's report is the kind of upside surprise that bargain hunters look for in beaten down stocks, and while a double digit percentage jump the following day may feel like a lot, it's often weeks before investors can say they've really missed the boat with reversals like this.
The stocks relative strength index is just starting to move up off the 30 mark, suggesting it is still heavily oversold, while the MACD is on course to have a bullish crossing in the next few days. There is a surprise swing in the fundamentals that seems to coincide with a broader return to strength in the equity market. It is possible that this is another rare buying opportunity that has been popping up recently.
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